Wheaton short $2M in TIF funds due to 2005 bond sale
WHEATON – Years after Wheaton sold bonds to fund the redevelopment of the Courthouse Square, officials haven't seen the return on investment they were hoping for – and the loss could cost the city $2 million over the next five years.
Wheaton issued the bonds as a TIF district incentive for the Courthouse Square Redevelopment Project, which was originally intended to bring more than 100 condominiums to the area. The large scale development stopped when the recession hit, Wheaton City Manager Don Rose said, and the senior housing facilities that were intended to replace it have yet to materialize.
Now, the city may have to refund those bonds before their December 2015 call date.
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